– You have a family member who is mentally disabled, who currently lives at the house in question.
– The executor wants to move this person, and rent the MM house, diverting some of the rental income to cover the displaced family persons expenses.
– You’re worried this will only be temporary, and the family member will end up in a nursing home environment.
I’m not sure how renting the house out vs selling it plays into the eventual situation for the displaced family member.
The executor is the person who decides, typically.
Does the mentally disabled person have a legal guardian? That person should be advocating for them.
I assume this MM house is an asset owned by the estate (since there’s an executor) with multiple beneficiaries… depending on what the will or trust says – the executor has to follow that. But if it’s loosely worded – the executor makes the decisions.
My husbands family has had huge drama over real estate left to multiple people to share. It can get really ugly and break families apart.
As far as property management… My husband kept his pre-marriage house as a rental when got married – he managed it himself. It wasn’t a big deal, since he kept it in good repair and had good tenants. When we moved to CA, he hired a property management firm. They managed to nickle and dime him and he ended up spending vacations doing simple repairs he’d already paid the management company to fix. So I’m not so keen on PM companies. I’m sure there are good ones… but there are a lot of bad ones too.[/quote]
thanks to everyone for responding. to answer your questions UCG. yes the person lives in the MM house, she is mentally disabled (bipolar, manic depression), they don’t have a legal guardian. I agree with getting her out into a more suitable place, but question selling the house leaving basically a pot of gold for the relative/executor to tap into for their rental property they plan to rent to her. executor has already said they they could just kick her out if the time came when they needed their property back, but then what. it’s not a huge estate, but still enough to be tempting to drain. I believe it’s written to offer the executor a lot of leeway. do beneficiaries get a say? can they become the executor?
I haven’t seen the house in several years, but she never did anything to maintain that house, she would always just bug her mother (before she passed) to fix things for her. major things have been fixed as needed through the trust, but I’m sure the cosmetic features of the house look original to the 70s and r in poor shape. and she’s had lots of animals over the years that have been allowed to take over home.
I imagine the entire house will need to be painted along with cheaper updates to kitchen/baths. Even as is I think the house could go for around 450k (fee to sell 18-22k) and rentals for comparables range from 2000-2400. I think if we spent that money that would be lost to commissions on the house we could make it a great little rental, and hopefully finding choice tenant by pricing it in the low end, which would still cover most of there living expenses.
family issues with money are never usually pleasant, I get along really well with the executor, but I also knw that they are going through a few issues and don’t want the trust to be there way out. I don’t want to damage the relationship, but I question the desire to sell. as you can imagine there are so many more details to this. I hope to talk to them this weekend to get a batter idea of plan and hope I will be satisfied.
